“we see a normalization of both the industry growth and our growth rate with us being the long-term winner in the industry with ongoing robust industry growth.”

In context

“highlighted in '24, as James said, affecting the headline numbers, we see that moderating throughout the year. James Quincey: Yes, on the industry growth, if I I mean clearly, we are planning to and expect and aim to gain share. So to the extent that we end up growing 5% to 6%, then that is based on the idea that the industry is growing at a more normalized level. If you look at the long-term growth rate of the industry, you tend to get a 4 or a 5. So we are absolutely expecting the industry growth rate towards a model, which is kind of what was happening in Q4, the underlying rate, if you take out the high-inflation countries is kind of 6 or 7 in the fourth quarter, and we were gaining share. It's very consistent with this idea we've been talking about, which is [indiscernible] moderates we see a normalization of both the industry growth and our growth rate with us being the long-term winner in the industry with ongoing robust industry growth. Operator: Our next question comes from Steve Powers from Deutsche Bank. Stephen Robert Powers: I guess moving down the income statement. Your outlook seems to imply some pretty strong underlying margin and profitability progress just net of the FX pressures and the higher tax rate. So could you talk about some of the key drivers there? And then, I guess, similar to Brian's question, any timing considerations we should keep in mind over the course of the year beyond just the number of days in each fiscal quarter. James Quincey: Sure. Maybe I'll start and then John will weigh in on some of these considerations. Firstly, yes, there is some implied margin expansion in 2025, coming from some of the marketing expenditure and some of the SG&A. This is the culmination of many of the programs we'v”